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Manulife-Sinochem, the first joint venture life insurance company in China, announced a strategic expansion plan yesterday to establish a nationwide subsidiary network for its bulging business.
"Our purpose is to set up subsidiaries and sales offices in 30 cities by 2007," said James Lin, general manager of Manulife-Sinochem Life Insurance Co Ltd.
It has got a licence from the China Insurance Regulatory Commission (CIRC) to establish a subsidiary in Nanjing, Jiangsu Province, which is expected to inaugurate in November.
"It will become a strongpoint in the province, followed by a provincial sales network later on," Lin said.
To date, Manulife-Sinochem has set up subsidiaries in seven cities including Beijing, Shanghai, Guangzhou in Guangdong Province and Ningbo in Zhejiang Province.
With a network in the Yangtze and Pearl deltas, it can offer an extensive portfolio of premium financial products and services to citizens in the regions, said Victor Apps, senior executive vice president and general manager of Manulife Financial Asia.
Local insiders said Manulife-Sinochem's expansion indicates a competitive effort made by foreign-funded insurance companies to set up subsidiaries in China.
Allianz Dazhong is reinforcing its effort to set up branches, while Citibank will establish its first subsidiary. Some foreign-invested insurance companies are also considering their expansion plans.
Lin said Manulife-Sinochem is expected to set up three more offices in Zhejiang and Guangdong provinces by the end of this year.
(China Daily June 21, 2005)
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